Updating Trust Information or Servicing Your Trust

In the past we have discussed Servicing your Estate Plan. This topic is so important we are reviewing it again.  After our discussion on Funding Your Trust (June 2021), we thought it would be important to re-iterate that keeping your Trust up-to-date is incredibly important.  We compared it to servicing your car.  We advised that you not wait years to re-evaluate your estate plan.  Preventative measures will ensure that your wishes are carried out correctly and all assets are included.

Like a car, your estate plan needs maintenance.  Maybe you do not need to service it every 3,500 miles like your car, but when situations change or assets increase, reviewing your Trust becomes important.

Questions you need to ask yourself:

  • When was the last time you looked at your Trust?
  • Have you opened bank accounts?
  • Have you moved?
  • Did you have another child? Grandchild?
  • Has your martial situation changed (divorce, marriage)?
  • Did you receive an inheritance, or acquire more assets (homes, rental properties, a boat)?

If you answered yes to any of these questions, you need to service your Estate Plan/Trust.

Our office is here to help, please let us know if you need to update your estate planning documents. Give us a call at 818.887.9401